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Actor Gary Busey filed for Chapter 7 bankruptcy protection on Tuesday in California, and his publicist says the actor needs a fresh start, just like General Motors.

Busey, who has been featured in dozens of films, including "Lethal Weapon" alongside Mel Gibson and Danny Glover and "Predator 2," is known now for his eccentric mannerisms and television appearances.

The actor, 67, filed for bankruptcy and indicated he has less than $50,000 in assets, TMZ reported, and between $500,000 and $1 million in various debts.

Among the creditors owed money by Busey are the IRS, various lawyers, UCLA Medical Center, Wells Fargo, and L.A. County Waterworks Districts.

Busey suffered a brain injury after a motorcycle accident in December 1988.

TMZ reports Busey may also be in debt to a woman named Carla Loeffler, who sued Busey for allegedly attacking her at a Tulsa airport back in May.

Michael Conley, Busey's publicist, provided a statement to ABC News:

"As with many great American institutions, i.e., General Motors, American Airlines, and others who have utilized the strategic business plan of bankruptcy, Gary's filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, circumstances, and events, to enable the start of a new and clear path toward peace, happiness, and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."

On Monday, TMZ taped Busey, who seemed unfazed by his financial situation, dancing in a parking lot. Busey's young son, Luke, is also featured in the video.

In an episode of  "Celebrity Wife Swap" last month on ABC,  Busey spoke in a playful, high-pitched voice, sometimes ended sentences with the word "yay," and when asked if he goes to church, he replied: "I am church."

Gary Busey's girlfriend, Steffanie Sampson, traded places with the wife of pastor Ted Haggard for one week.  Sampson went to the Haggard family's Colorado Springs, Colo., home, while Gayle Haggard went to Busey's home in Los Angeles.

ABC News' Suzan Clarke and Luchina Fisher contributed to this story.